The FTSE 100 is down by 0.21% during the morning session on Tuesday, unlike many of its peers across the continent and in Asia.
“The FTSE 100 was the odd one out and not in a good way on Tuesday as it made a lacklustre start despite strong trading in Asia, a decent start in Europe and US futures implying gains as trading resumes after the Labor Day holiday,” says AJ Bell investment director Russ Mould.
“Not helping sentiment was some data overnight from the British Retail Consortium showing retail sales growth slowed in August as some of the pent-up demand during lockdown ebbed away.”
The British Retail Consortium and KPMG monthly sales monitor revealed that non-food online sales fell by 4.6% in August, with 38.3% of sales now online compared to 42% during the same month a year before.
“After a weak US jobs report last Friday prompted speculation the Federal Reserve would hold off on tapering support for the economy, attention will switch to the European Central Bank this week as it unveils its latest decision on monetary policy on Thursday,” Mould said.
FTSE 100 Top Movers
BT Group (2.31%), DS Smith (2.16%) and Burberry (1.4%) are leading the way on the UK index early on Tuesday.
At the other end, Ocado (-1.38%), Berkeley Group (-1.23%) and HSBC (-1.17%) are the biggest fallers on the FTSE 100 so far today.